Capital Fund Management S.A. Boosts Stock Position in Fifth Third Bancorp $FITB

Key Points

• Capital Fund Management S.A. significantly increased its stake in Fifth Third Bancorp by 180.5% during the first quarter, acquiring an additional 145,379 shares, bringing its total holdings to 225,941 shares, valued at approximately $8.86 million.
• Fifth Third Bancorp recently declared a quarterly dividend of $0.37 per share, which translates to an annualized yield of 3.5%, and has initiated a share repurchase program authorizing the buyback of 100 million shares.
• The company has seen positive analyst upgrades, with Wells Fargo raising its price target from $48.00 to $52.00, reflecting a generally optimistic market sentiment towards Fifth Third Bancorp, which currently has an average rating of "Moderate Buy" from analysts.

Capital Fund Management S.A. increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 180.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 225,941 shares of the financial services provider's stock after purchasing an additional 145,379 shares during the quarter. Capital Fund Management S.A.'s holdings in Fifth Third Bancorp were worth $8,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in FITB. MML Investors Services LLC grew its holdings in Fifth Third Bancorp by 6.4% during the fourth quarter. MML Investors Services LLC now owns 173,704 shares of the financial services provider's stock valued at $7,344,000 after purchasing an additional 10,478 shares during the period. State of Tennessee Department of Treasury lifted its position in shares of Fifth Third Bancorp by 18.6% during the 4th quarter. State of Tennessee Department of Treasury now owns 231,486 shares of the financial services provider's stock valued at $9,787,000 after buying an additional 36,345 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Fifth Third Bancorp by 14.0% during the 4th quarter. Hsbc Holdings PLC now owns 2,276,130 shares of the financial services provider's stock valued at $96,290,000 after buying an additional 279,596 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in shares of Fifth Third Bancorp by 86.2% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 25,975 shares of the financial services provider's stock valued at $1,098,000 after acquiring an additional 12,025 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Fifth Third Bancorp by 24.0% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 561,497 shares of the financial services provider's stock worth $23,740,000 after acquiring an additional 108,500 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 1.0%

FITB traded down $0.43 during trading on Monday, reaching $44.36. The company had a trading volume of 4,569,166 shares, compared to its average volume of 4,929,476. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The business has a 50 day simple moving average of $42.06 and a 200-day simple moving average of $39.85. The stock has a market cap of $29.36 billion, a P/E ratio of 13.78, a PEG ratio of 1.45 and a beta of 0.91. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. Fifth Third Bancorp's payout ratio is currently 45.96%.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FITB. Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price target for the company. TD Cowen initiated coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.80.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.